Credit Union Times Magazine December-17, 2008

Chicago Patrolmen's FCU Shows Way on Mortgages With 'Big Focus' in 2009

By Jim Rubenstein

CHICAGO -- Among law enforcement credit unions, Scott Arney doesn't demure a bit about being the poster boy of CEOs making money on mortgages.

New Orleans CU Victim of Fraud Breach

By Lindsey Siegriest

NEW ORLEANS -- New Orleans Firemen's Federal Credit Union recently reported a fraud breach they believed to have come from a major retailer that has affected approximately 14 of their members' accounts.

After the Election, Trade PACs Give Money to Those They Once Opposed

By Claude R. Marx

WASHINGTON -- Yesterday's foes are today's friends.

Self-Help FCU Finds West Coast Expansion Is Proceeding Smoothly

By David Morrison

DURHAM, N.C. -- The Center for Community Self Help's CU expansion to the West Coast has been so successful another CU is seeking a merger with Self-Help Federal Credit Union.

Conn. CU in Receivership

By Claude R. Marx

WASHINGTON -- West Hartford Credit Union last week became the 14th federally insured credit union liquidated by the NCUA this year after it was closed by the Connecticut Department of Banking.

Treasury's Move to Boost Secondary Market Receives SBA's Praise

By Michelle A. Samaad

WASHINGTON -- The Small Business Administration has given high marks to the Department of Treasury's plan to establish a term asset-backed securities loan facility (TALF)

First Source Heat Loan

NEW HARTFORD, N.Y. - First Source Federal Credit Union is doing its part to help ease the energy crunch by offering a new home energy assistance loan.

Former XCU Capital CEO Leaves CU Exec Role at LPL to Launch Startup

By Michelle A. Samaad

SAN DIEGO -- Mark Hoaglin, most recently senior vice president of credit unions at LPL Financial Institution Services, has left his post at the broker-dealer giant to start his own business.

Card Marketers Abandon Direct Mail and See Fee Changes on the Horizon

By David Morrison

BOSTON -- Credit union card marketers' competition has largely abandoned direct mail and is turning more toward branches to market their card products, according to a new report from the Aite Group.

NCUA IG Says Many to Blame for Huron River Failure

By Claude R. Marx

WASHINGTON -- Last year's failure of Huron River Area Credit Union was caused by poor risk management, executives misleading regulators and regulators not being sufficiently aggressive.

CUES Names CU Members Mortgage Supplier of the Year

By Heather Anderson

FORT WORTH, Texas -- CU Members Mortgage was named Outstanding Supplier of the Year by the Credit Union Executives

Golden 1 Offers Auto Service

By Lindsey Siegriest

SACRAMENTO, Calif. -- The Golden 1 Credit Union is helping members save on their next auto purchase.

Hyland Vows To Push For More CU Capital

By Claude R. Marx

WASHINGTON -- Credit union efforts to gain access to additional capital got a boost last week when NCUA Board Member Gigi Hyland promised to accelerate lobbying efforts

CUNA Mutual's Retirement Plans Earn High Marks

By Michelle A. Samaad

MADISON, Wis. -- CUNA Mutual Group Retirement Plan Services said it has received top rankings for overall client satisfaction, customer loyalty and brand relationship in the Boston Research Group's annual defined contribution provider study.

Midwest CUs Lend a Helping Hand to General Motors With Lower Rates

By Jim Rubenstein

LANSING, Mich. -- In a show of both moral and financial support for beleaguered automakers, the Michigan Credit Union League teamed up with CUNA, other Midwest leagues and General Motors Corp.

California Legislation Proposes Blueprint Type Consolidation

By Heather Anderson

SACRAMENTO, Calif. -- California league lobbyists are gearing up for a new legislative session that already includes a bill to require a regulatory consolidation plan in line with the U.S. Department of Treasury's Blueprint.

NCUA Data Reveals Mixed Picture of CUs' Financial Health

By Claude R. Marx

WASHINGTON -- The nation's economic woes helped spark a 15.7% decline in federally insured credit unions' net income, the NCUA said.

NCUA Unveils Details of Mortgage Plan

By Claude R. Marx

WASHINGTON -- Credit unions must not dilly-dally in applying for funds under NCUA's Credit Union Homeowners Affordability Relief Program. The initiative could help 10,000 credit union members get the terms of their mortgages rewritten.

SIP Will Free Up Corporate Liquidity, But Not Recover Investment Losses

By Heather Anderson

WASHINGTON -- NCUA spokesman John McKechnie confirmed that the agency's new Credit Union System Investment Program, announced Dec. 9, will increase liquidity in the credit union system, not recover corporate investment losses.

Johnston's 2009 Economic Forecast: Prepare for the 1980s-or Worse

By Heather Anderson

SAN DIMAS, Calif. -- Things are going to get worse before they get better, according to WCFCU economist Dwight Johnston.

MIDFLORIDA FCU to Build Mortgage Presence With Real Estate Broker Buy

By Michelle A. Samaad

LAKELAND, Fla. -- Even though MIDFLORIDA Federal Credit Union had been offering mortgages for at least a decade,

Holiday Dilemma: To Spend or Not Spend

RIVERWOODS, Ill. -- An annual survey from the Discover card brand has suggested that credit union card interchange income may be significantly lower this year than last.

Vermont FCU Picks Isabelle to Lead

By Myriam DiGiovanni

BURLINGTON, Vt. -- There is new leadership at Vermont Federal Credit Union.

CUNA Issues New Due Diligence Guide

By Claude R. Marx

WASHINGTON -- Be sure not only that a prospective outside vendor is up to the task but also confirm that the task you are asking them to do fits into your strategic plan.

Ignore the Gloom and Doom; With Great Change Comes Great Opportunity

I am always amazed by the political leadership and media pundits that proliferate doom and gloom during economic contractions. Let's face facts

Baruah Trumpets Message to Seek Out SBA as Capital Access Providers

By Michelle A. Samaad

WASHINGTON -- As President-elect Barack Obama continues his trademark steady deliberation in selecting officials for his upcoming administrative team,

Michigan First CU Counting on Remote Deposit to 'Level the Playing Field'

By Michelle A. Samaad

LATHRUP VILLAGE, Mich. -- On the decision to offer members of Michigan First Credit Union remote deposit, Michael Poulos ticks off a number of motivators.

California Credit Unions Still Command Top 10 MBL Ranking

By Michelle A. Samaad

WASHINGTON -- Despite a tumultuous year for lending in states like California, credit unions in the Golden State continue to have some of the most robust member business lending portfolios in the country.

Be the Difference Between Well-Known and Known Well

By Sarah Snell Cooke

Credit unions are receiving recognition more and more in the mainstream media. CUNA in particular made a big push in the last couple of years to establish the term credit union as a household word.

Credit Union Times Adds CFO Category to Annual Awards

In light of the economic crisis, Credit Union Times has added a new category to its annual awards.

CU Executives From Poland and U.S. Meet to Discuss Cooperation

By David Morrison

BROOKLYN, N.Y. -- Greater cooperation between credit unions in the U.S. and Poland was the focus of a recent New York meeting of executives from Polish- American credit unions and financial cooperatives from Poland.

Devalued Investments Are Still Paying Well, U.S. Central Says

By Heather Anderson

LENEXA, Kan. -- Like other corporates, U.S. Central rode the crest of the Fed funds-Libor rate spread, posting a net income of $30 million for October 2008 and increasing year-to-date earnings to nearly $80 million.

CUNA Mutual Interns Win Wave Award for Video

MADISON, Wis. -- Interns that participated in CUNA Mutual's summer internship program this past summer won the WAVE award in the student category for a video they created that showcased their experience at CUNA Mutual.

HSAs Help Businesses Combat the Runaway Cost of Benefits

The bad news just won't let up. Before it runs its course, this economic recession will have touched nearly every business in every sector of our economy.

Industry Trends Surround Business Deposits, Scrutiny of Participations

By Michelle A. Samaad

PORTLAND, Ore. -- There's no doubt that the industry has experienced some troubled spots in business lending over the past few years.

Becker Reaffirms Need for Two Trades

ARLINGTON, Va. -- When it comes to clout for the credit union industry in Washington, two voices are definitely better than one, NAFCU President Fred Becker said last week.

PEOPLE

Millbury Federal Credit Union, Millbury, Mass., announced the appointment of Paul R. Crimlisk to vice president and manager of MCU Commercial Services

CUs Must Revisit Sacred Cows and Engage Membership to Thrive

ORLANDO, Fla. -- If credit unions are going to survive the current economic crisis, they must revisit sacred cows, promote true differentiators and adjust capital use.

Test Time: What Does Your Staff Know?

ORLANDO, Fla. -- Credit union marketing and branding needs to get with the times.

Government Is the No. 1 Reason for Consolidation

ORLANDO, Fla. -- Recently retired Mountain America CU President/CEO Gordon Dames was able to make some bold statements at the CU Business Practices Conference hosted Dec. 4-5 by Credit Union Times and Summit Business Media.

HOLIDAY DONATIONS

Christian Community Credit Union, San Dimas, Calif., participated in Operation Christmas Child for the second year in a row